The Chairman of the House of Representatives Committee on Student Loan, Gboyega Isiaka (APC, Ogun), has said the funds needed to successfully implement the Student Loan will be drawn from one per cent of all revenues accruing into the Federation Account.
Isiaka assured Nigerians of President Bola Tinubu administration’s resolve to ensure adequate funding of the scheme for the benefits of Nigerians studying in public-owned tertiary institutions across the country.
The Student Loan Act Amendment Bill was signed into law by President Tinubu on Wednesday, paving the way for the smooth take-off of the scheme.
This followed the removal of the anomalies earlier identified in the law.
Isiaka explained that the repeal of the initial Student Loan Act was necessitated by the need to remove all encumbrances that may deny many Nigerian students the opportunity to access the loan.
He said: “The patriotism and determination to make sure that this is a sustainable success still made the Executive and, Mr. President in particular to present those far-reaching amendments which has not become law. The law has amended so many shortcomings in the 2023 law in the area of fund that we have.
“Now, we have a known corporate entity that is called Nigerian Education Trust Fund (TETFund). We now have an institution that is strong, sustainable and comparable to what we have in different parts of the world, and going by all that will come into it.
“I am satisfied in my mind that the Nigerian government under President Bola Ahmed Tinubu has done so well for the Nigerian educational sector.”
